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    Michael Mayo

    Managing Director and Head of U.S. Large-Cap Bank Research at Wells Fargo & Company

    Michael Mayo is a Managing Director and Head of U.S. Large-Cap Bank Research at Wells Fargo Securities, specializing in coverage of leading banks such as JPMorgan Chase, Bank of America, Fifth Third, U.S. Bank, and Truist. Renowned for his rigorous analysis and bold calls, Mayo is recognized as a top Wall Street banking analyst, frequently cited for raising his earnings estimates and delivering high-conviction stock recommendations, including designating JPMorgan as a signature pick with significant upside potential. Beginning his career as a bank analyst at the Federal Reserve in 1988, he has held senior research roles across multiple major firms before joining Wells Fargo in 2017. Mayo holds FINRA securities licenses, is a published author on financial markets, and commands industry respect for his track record and longstanding expertise.

    Michael Mayo's questions to STATE STREET (STT) leadership

    Michael Mayo's questions to STATE STREET (STT) leadership • Q1 2025

    Question

    Michael Mayo of Wells Fargo asked for a timeline on the permanent CFO search, how State Street would navigate a potential global trade war, and for the proportion of expenses that are variable over a one-to-two-year period.

    Answer

    CEO Ronald O'Hanley stated the CFO search is advanced and an announcement is expected in the 'near term.' Regarding geopolitical risk, he highlighted the company's use of scenario planning and accelerated expense management capabilities. On expenses, both O'Hanley and Interim CFO Mark Keating declined to give a specific percentage but emphasized their increasing ability to flex the cost base through ongoing transformation, automation, and technology investments.

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